The Manchester United ace has expectedly scooped the top award, beating competition from Lionel Messi, Fernando Torres, Xavi Hernandez and Kaka.
For the second year running, Barcelona superstar Messi finished runner-up, while Liverpool and Spain hitman Torres came third.
"I would be wrong if I did not thank everyone in my life - family, friends and teammates - who helped me get to this point," a jubilant Ronaldo said after he was announced winner by Brazil legend Pele.
Historic Feat
Upon clinching the award, Ronaldo became the first-ever English-based player to win the prestigious gong, since its introduction by the world governing body in 1991.
The 23-year-old finished third after Kaka and Messi in last year's edition, but a magnificent 2007-2008 season with United made him favorite for this year's award.
Ronaldo hit 42 goals in all competitions last term, inspiring the Red Devils to an impressive Premiership and Champions League double.
He became the second Portuguese to claim the accolade after former Real Madrid and current Inter Milan winger Luis Figo, who won it in 2001.
The Portuguese wizard completed a treble of top awards as he already won the Ballon d'Or and the FIFPro World Player of the Year titles.